For the 2023 tax year, the standard deduction amounts are as follows:
- Single filers and married individuals filing separately: $13,850
- Heads of household: $20,800
- Married couples filing jointly: $27,700
Its worth noting that the IRS adjusts the standard deduction annually for inflation, which is why the 2023 standard deduction is larger than it was for 2022. Additionally, if you are at least 65 years old or blind, you can claim an additional standard deduction of $1,850 if you file as single or head of household, or $1,500 if you file jointly and one spouse is 65 or older, or $3,000 if both spouses are 65 or older.
